SINGAPORE - Rules to prevent a surge in problem gambling at a proposed casino are to be put in place by the Government to help lessen opposition from church and social groups.
The Ministry of Trade and Industry said yesterday citizens and residents would not be allowed credit at the
casino unless they were "premium players" for which they would have to pay daily membership fees of S$100 ($85.05) or S$2000 a year.
Singapore's Focus on the Family, affiliated to an American Christian group, and other organisations have raised concerns about a rise in social problems such as gambling addiction, loan-sharking and prostitution, which are often associated with casinos.
An online petition against the Singapore casino has garnered almost 20,000 signatures.
But the casino could boost tourism numbers.
"It's important for Singapore to develop its tourism industry and a casino is one of those services that attract a lot of tourists," Mark Mobius, of Templeton Asset Management, said.
"It can be done in a nice way that's not ruinous to the society and that's been shown in many parts of the world."
Since the Government said it would consider scrapping the ban on casinos, it has received expressions of interest from Las Vegas-based MGM Mirage, Las Vegas Sands and Harrah's Entertainment, as well as from Macanese tycoon Stanley Ho's Sociedade de Jogos de Macau. The companies aim to tap into Southeast Asia, which has a combined population of more than 500 million people.
The Government said those under 21 would not have access to the casino. It also said individuals might be able to voluntarily exclude themselves or family members from the casino.
Galaviz, Ong & Co, which tracks the global gaming market, said the project, which may include a hotel, concert hall and convention centre, could cost up to US$2 billion ($2.78 billion).
Tourism makes up more than 5 per cent of the city-state's US$91 billion economy and the Government expected a record of more than eight million visitors this year - twice its population. The casino resort could boost those arrival figures to 15 million a year, said Jonathan Galaviz, a partner at Galaviz Ong.
However, Lee Kuan Yew, who was Singapore's Prime Minister from 1959 to 1990 and remains in the Cabinet as Minister Mentor, has said he opposes casinos.
The ministry said "a set of strict international regulatory standards, such as measures against money laundering, illegal money lending", would be enforced. "Licensing and screening of operators and employees will be imposed."
- BLOOMBERG
SINGAPORE - Rules to prevent a surge in problem gambling at a proposed casino are to be put in place by the Government to help lessen opposition from church and social groups.
The Ministry of Trade and Industry said yesterday citizens and residents would not be allowed credit at the
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